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San Diego property tax bills break record

Posted by Mehran Aram on Wed, Oct 2, 2019 @ 05:10 AM

San Diego’s Treasurer-Tax Collector Dan McAllister announced this week that his office would be mailing out this month over one million property tax bills. This marks the first that the number of bills going to local property owners has reached the 7-figure mark.

“Despite the need for more housing that we hear about on a regular basis, I see this record-high parcel number as a positive sign,” McAllister said. “It means new units are coming on the market.”

The County is expected to take in approximately $6.9 billion in revenue from the tax bills. This is an increase of $482 million over last year. The first installment of payments is due on November 1.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego County, San Diego, Mortgage rates, San Diego Housing Market, San Diego Housing, San Diego County Assessors Office, San Diego Tax Bills, San Diego Property Taxes

San Diego senior population expected to double by 2030

Posted by Mehran Aram on Fri, Sep 6, 2019 @ 08:09 AM

There were approximately 375,000 senior citizens living in San Diego County as of 2015, according to San Diego Magazine – a figure that is expected to double to 724,000 over the next 12 years. While this is hardly surprising given San Diego’s status as one of the top places to retire, it presents challenges for those living on a fixed income.

San Diego is one of the most expensive housing markets in the nation with average home prices topping well over $500,000. Yet, social security income for a single retiree in San Diego is less than $20,000 per year.

Fortunately, those looking to relocate to San Diego in their golden years may find benefit in a H4P or HECM for Purchase. H4P is a type of home loan that is insured by the FHA and provides those 62 or older an opportunity to combine their down payment with loan proceeds from a reverse mortgage. Most appealing is that the loan requires no monthly mortgage payment.

Today, conventional conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Reverse Mortgage, San Diego County, senior citizen, Retirement, Seniors, Reverse Mortgage for Purchase, Mortgage rates, HECM for Purchase, San Diego Housing Market, San Diego Housing, Fixed Income, H4P

Homebuyers call ceasefire in bidding wars

Posted by Mehran Aram on Mon, Aug 12, 2019 @ 05:08 AM

The number of home buyers engaging in bidding wars with other buyers has dropped more than 45 percent over the last year. Only 11.2 percent of offers written by Redfin agents faced homebuyer competition, the lowest rate in eight years.

This is a radical change from the peak reached in March 2018 when 59 percent of home purchases ended in a bidding war.

San Diego appears to be fighting against the national trend. The local housing market still faces fierce competition with 21.3 percent of Redfin sales seeing a bidding war. This makes San Diego the second most competitive housing market in the U.S. The current volume of bidding wars is up from 19.4 percent in June but down significantly from 61.5 percent in July 2018.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego, Housing Market, Redfin, Mortgage rates, home purchases, bidding war, San Diego Housing

San Diego housing market appears to be cooling off

Posted by Mehran Aram on Wed, Jul 24, 2019 @ 05:07 AM

It may be summer in America’s Finest City but that’s not keeping the housing market sizzling. Home price growth in San Diego has begun to level off compared to the steep price increases seen last summer.

Median home prices in San Diego are still climbing but over the past twelve months it has been a quite modest 1.9 percent increase, according to Zillow. The online real estate site expects the tepid growth to continue through next year.

With home prices leveling off and mortgage rates at their lowest levels in over a year, demand for housing in San Diego is expected to remain strong through 2020.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego County, home prices, San Diego, Zillow, Mortgage rates, San Diego Housing Market, median home price, San Diego Home Prices, Americas Finest City, San Diego Median Home Price, San Diego Housing

San Diego home sales fall by double-digits

Posted by Mehran Aram on Tue, Jul 16, 2019 @ 17:07 PM

New data released last week by the Greater San Diego Association of Realtors shows that home sales in the County stumbled from May to June as prices continued to climb. Sales of existing single-family homes and condominiums both fell month-over-month, dropping 13.6 percent and 16.2 percent, respectively.

The decline in sales coincides with sales prices increasing during the same period. Sale prices for single-family homes increased 2.4 percent while the cost for attached properties shot-up 3.5 percent. The median price of a single-family home in San Diego is currently at $674,900. This is up from $654,000 in June 2018.

This latest data shows a reversal in the San Diego housing market which had seen monthly increases in sales every other month so far in 2019.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego County, San Diego, Greater San Diego Association of Realtors, existing home sales, Mortgage rates, San Diego Housing Market, Existing Homes, San Diego Home Prices, San Diego Home Sales, San Diego Housing

San Diego home building plummets

Posted by Mehran Aram on Tue, Jun 18, 2019 @ 05:06 AM

A significant decline in the number of apartments being built in San Diego has dragged down new dwelling construction in the County a whopping 58 percent during the first few months of 2019. The Real Estate Research Council of Southern California reported last week that San Diego experienced the biggest drop in new construction permits among all Southern California counties.

Multi-unit dwelling permits declined the most, with a 70 percent drop on a year-over-year basis. This is a reversal of the past couple of years when apartment building outnumbered single-family construction.

San Diego had been making significant strides over the last several months in increasing home inventory levels which have been critically low. These latest figures are a setback to that momentum.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego County, San Diego, Southern California, Mortgage rates, San Diego Housing Market, Construction Permits, San Diego Housing, New Construction Permits, home inventory

Condo and townhome sales surge in San Diego

Posted by Mehran Aram on Sun, Jun 16, 2019 @ 07:06 AM

San Diego County saw closed sales of condominiums and townhomes shoot up seven percent from April to May according to the Greater San Diego Association of Realtors. This unusually large increase comes as the sales pace for single-family homes remained relatively unchanged.

Attached property sales climbed 7.3 percent in total from 983 in April to 1,055 in May. The price of a townhome or condominium grew 3.3 percent to a median price of $434,000 as of last month.

Meanwhile, single-family home sales in San Diego were flat, increasing 0.7 percent on a month-over-month basis and price rose just 1.2 percent. Compared to last year, sales of single-family homes are down 7.1 percent in the region.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home sales, San Diego County, San Diego, Greater San Diego Association of Realtors, single family homes, Mortgage rates, San Diego Housing Market, condo, San Diego Home Sales, San Diego Housing, Property Sales

San Diego housing trend spells good news for entry-level buyers

Posted by Mehran Aram on Sun, Jun 9, 2019 @ 07:06 AM

A recent study from Realestate.com shows that the rate of home price appreciation in San Diego for dwellings in the lower third of prices is slowing. Homes in the bottom-third of the market appreciated at a rate of 2.2 percent annually as of April, that’s down significantly from the 10.4 percent price jump seen between 2017 and 2018. The slowdown in price growth for these entry level homes may make it easier for first-time buyers to get in the market.

Of course, entry-level homes in San Diego still come with a nearly half-million dollar price tag. Although the San Diego Housing Commission offers down payment assistance and that can potentially be coupled with programs like an FHA loan which allows buyers to purchase a home with as little as 3.5 percent down.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego, real estate, Mortgage rates, San Diego Housing Market, San Diego Housing Commission, Housing Trends, San Diego Housing